- Over two-thirds (68.57%) of the $1.4 billion in crypto assets stolen from Bybit remain traceable, according to CEO Ben Zhou.
- The North Korean Lazarus Group used multiple mixing services and cross-chain platforms to launder the stolen funds, with 27.59% now “gone dark.”
- Most of the stolen ETH (84.45%) was converted to Bitcoin through Thorchain, with stolen funds distributed across thousands of wallets.
Bybit CEO Ben Zhou revealed that more than two-thirds of the cryptocurrency stolen in the exchange’s massive $1.4 billion hack remains traceable, despite Hackers‘ extensive efforts to obscure the money trail. In an executive summary shared on Twitter Monday, Zhou detailed that 68.57% of the approximately 500,000 ETH stolen in the February breach can still be tracked, while 27.59% has “gone dark” and 3.84% has been successfully frozen with exchanges’ assistance.
The FBI has officially linked the record-breaking theft—the largest in cryptocurrency history—to North Korea‘s notorious Lazarus Group. According to Zhou’s analysis, the hackers employed a sophisticated laundering strategy involving multiple coin mixers and cross-chain platforms to obscure the stolen assets’ movement.
Complex Money Laundering Operation
Zhou’s report outlines how the hackers primarily utilized Wasabi mixer before channeling funds through other services including CryptoMixer, Tornado Cash, Railgun, and cross-chain platforms like Thorchain and Stargate. The majority of stolen ETH—approximately 432,748 ETH (84.45%)—was converted to Bitcoin using Thorchain, with 67.25% distributed across more than 35,000 different wallet addresses.
The executive summary noted that only about 5,991 ETH (worth approximately $16.77 million) remains on the Ethereum blockchain today, scattered across 12,490 wallets with an average balance of 0.48 ETH per wallet. On the Bitcoin side, 944 BTC valued at $90.6 million has been processed through Wasabi Mixer alone, while 531 BTC (equivalent to around 18,206 ETH or 3.57% of the stolen assets) has been bridged back to Ethereum via Thorchain.
Recovery Efforts Continue
Bybit’s Lazarus Bounty program, launched following the hack, has received 5,443 reports in the past 60 days, with 70 validated as legitimate tips. Zhou indicated the exchange “welcome[s] more reports” and would “need a lot of help there down the road” from bounty hunters as recovery efforts continue.
In a previous executive summary released last month, Zhou had expressed concerns about Lazarus already funneling 193 BTC through Wasabi at that time, while warning that mixer activity would likely intensify as more funds attempted to exit the blockchain.
Meanwhile, privacy-focused crypto exchange eXch announced Thursday it will cease operations on May 1 following allegations it facilitated laundering efforts by the Lazarus Group. In correspondence with Decrypt, eXch acknowledged processing “vastly a minor part” of the stolen Ethereum laundered through “multiple centralized and decentralized services.”
Bybit has not immediately responded to requests for comment on the latest developments in tracking the stolen funds.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Bitcoin Eyes $90,000-$92,000 as Range Breakout Signals Bullish Momentum
- Metaplanet Boosts Bitcoin Holdings to $414M, Aims for 21,000 BTC
- Supreme Court Dismisses Petition For Cryptocurrency Fraud Guidelines
- Bybit Hack: Nearly 30% of $1.4B Stolen by Lazarus Group Now Untraceable
- Bitcoin Whale Wallets Surge to 4-Month High Amid Accumulation Frenzy
